MapMyFitness joins tenant list for Seaholm project
Jun 13, 2014
Austin American Statesman
MapMyFitness, a growing Austin-based fitness technology firm, is the latest tenant to sign on for the mixed-use project at the former Seaholm Power Plant spanning nearly 8 acres on downtown Austin’s southwestern edge.
MapMyFitness will occupy the second floor of a two-story building under construction at the Seaholm site on West Cesar Chavez Street. The bottom floor of that 66,000-square-foot building will be occupied by Trader Joe’s, which is due to open by year’s end.
MapMyFitness — which was acquired last year by Under Armour, a sports apparel company, for $150 million — allows customers to plan, track and share their running, biking and other workouts through mobile applications and websites. The company is expected to move into the building late this year or early next year, occupying 35,000 square feet of space. The firm currently occupies 7,700 square feet of space at 610 West Fifth Street.
MapMyFitness has 118 employees, including 80 who are based in Austin, said Allison Glass, the company’s public relations and social media manager.
The new lease leaves 10,000 square feet of space remaining in the low-rise building, which is scheduled to be ready for tenants in November. The building is part of an estimated $133 million public-private project that is transforming Seaholm with new condominiums and office, restaurant and retail space — a redevelopment that city officials say will add millions to the city’s tax coffers over the next 30 years. Seaholm’s overall cost breaks down to more than $100 million in private investment and an estimated $33 million for the city’s share, said Fred Evins, the city’s project manager for the Seaholm redevelopment
At Seaholm, MapMyFitness will join Athenahealth, which plans to make a capital investment of $13 million in a new research and development center there. Athenahealth will occupy 110,000 square feet in the 1950s-era Seaholm Power Plant building that is currently being renovated. The city of Austin approved $679,500 in incentives over 10 years for Athenahealth, a Massachusetts-based health information technology firm, which intends to create more than 600 jobs during that time.
The city’s incentive package is equal to $250 per new full-time job, per year, and is expected to result in a total net benefit to the city of $1.67 million, city officials have said. Athenahealth also in line to receive $5 million in state incentives.
The Seaholm structure also will have a restaurant called Boiler Nine Bar + Grill and featuring Chef David Bull that is due to open by year-end. The restaurant will span 11,000 square feet over four floors in the main power-plant building that once housed the power plant’s boilers.
Also under construction at Seaholm is a 30-story condominium tower, which is slated for a July 2015 opening.
The city of Austin’s participation in the Seaholm redevelopment includes making a $13.6 million investment in street extensions and improvements, a public plaza and the main Seaholm building, Evins said. The city will capture property and sales tax generated from Seaholm’s redevelopment to pay off the debt for its share of the investment, he said.
In addition, the city will pay $9.9 million for 315 parking spaces the city will own, out of the total 538 spaces planned. That debt will be retired from revenue generated from the parking over 30 years Evins said.
A tax increment financing district created for the Seaholm area, which includes the Seaholm site and a new apartment tower Gables Residential is building to the west, will generate $53.3 million in additional property and sales taxes for the city over 30 years, Evins said. The Green Water site redevelopment is expected to add $44.9 million in sales and property taxes over 30 years, he said.
Seaholm is part of a larger area on downtown’s southwest side where $2 billion in new development has been built or planned during the past decade or so. Construction is currently under way next to Seaholm on a new central library as well as the redevelopment of the former Thomas C. Green Water Treatment Plant where a $750 million project will add 1.7 million square feet of new housing, offices, shops and hotel rooms in coming years.